AppFolio Inc (APPF)

AppFolio, Inc., together with its subsidiaries, provides cloud-based platform for the real estate industry in the United States. The company provides a cloud-based platform that assist with accounting, reporting, marketing, leasing, maintenance, workflow automation, and communication services. It offers AppFolio Property Manager Core, a platform that provides the accounting functionalities for small property management companies, as well as serves as a system of record; AppFolio Property Manager Plus, which offers affordable housing and student housing, advanced accounting, advanced data analysis, and read-only API access services; and AppFolio Property Manager Max that provides customer relationship management tools and full database access through a read and write application programming interface services. The company also provides value-added services, such as electronic payment, tenant screening, maintenance, business optimization, resident, and risk mitigation services. It serves property managers, property investors, potential residents, residents, and vendors. AppFolio, Inc. was incorporated in 2006 and is headquartered in Santa Barbara, California.

Ticker: APPF
Exchange: Nasdaq
Sector: Technology
Industry: Software - Application
Market cap: $7.90B
52-week range: $142.56 - $252.14

Valuation

Share price: $222.80 (close of Nov 12, 2026)
P/E (TTM): 46.71x
Price to book: 13.56x
Price to free cash flow: 28.00x
Enterprise value: $7.67B
Book value per share: $16.43

Price performance

Period	Change
1 day	-0.91%
5 days	-4.47%
1 month	+11.95%
3 months	+13.23%
6 months	+43.39%
Year to date	-4.23%
1 year	-11.00%
3 years	+12.04%
5 years	+75.12%
10 years	+912.73%
All time	+1,482.39%

Short interest

As of: Oct 30, 2026
Short % of float: 10.52%
Shares short: 2.53M
Days to cover: 5.80
Change since prior report: -5.40%
Source: FINRA consolidated short interest

Members of Congress who disclosed APPF trades

Lisa McClain · Gilbert Ray Cisneros · Josh Gottheimer · Robert Bresnahan

Profitability and growth

Return on equity: 25.97%
Return on invested capital: 22.86%
Return on assets: 20.45%
Return on capital employed: 26.27%
Gross margin: 61.30%
Net margin: 14.82%
EBITDA margin: 18.46%
Revenue growth: 19.72%
Net income growth: -30.94%
Free cash flow growth: 28.37%

Cash flow and balance sheet

Free cash flow yield (TTM): 3.57%
Current ratio: 4.00x
Net debt to EBITDA: -1.01x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $950.82M
Cost of revenue: $367.99M
Gross profit: $582.83M
EBITDA: $175.57M
Net income: $140.92M
Earnings per share: $3.91
Research and development: $190.42M
Shares outstanding: 36.01M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$950.82M	$582.83M	$140.92M	$3.91
2024-12-31	$794.20M	$492.59M	$204.07M	$5.63
2023-12-31	$620.45M	$353.38M	$2.70M	$0.08
2022-12-31	$471.88M	$246.94M	-$68.12M	-$1.95
2021-12-31	$359.37M	$184.58M	$1.03M	$0.03
2020-12-31	$310.06M	$164.24M	$158.40M	$4.62
2019-12-31	$256.01M	$131.97M	$36.28M	$1.07
2018-12-31	$190.07M	$101.95M	$19.97M	$0.59
2017-12-31	$143.80M	$75.82M	$9.72M	$0.29
2016-12-31	$105.59M	$51.02M	-$8.28M	-$0.25

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	61.30%	14.82%	25.97%	22.86%
2024-12-31	62.02%	25.69%	39.30%	24.18%
2023-12-31	56.96%	0.44%	0.91%	0.14%
2022-12-31	52.33%	-14.44%	-25.65%	-22.68%
2021-12-31	51.36%	0.29%	0.35%	-3.35%
2020-12-31	52.97%	51.09%	55.40%	1.49%
2019-12-31	51.55%	14.17%	27.50%	2.98%
2018-12-31	53.64%	10.51%	21.74%	13.58%
2017-12-31	52.73%	6.76%	11.42%	10.90%
2016-12-31	48.32%	-7.84%	-11.88%	-12.09%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$106.97M	-
2024-12-31	$42.50M	-
2023-12-31	$49.51M	-
2022-12-31	$70.77M	-
2021-12-31	$122.45M	-
2020-12-31	$168.52M	-
2019-12-31	$38.69M	$47.38M
2018-12-31	$90.71M	$48.60M
2017-12-31	$45.91M	-
2016-12-31	$26.17M	-

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$238.95M	$70.79M
2024-12-31	$186.14M	$60.33M
2023-12-31	$51.24M	$52.36M
2022-12-31	$18.82M	$43.23M
2021-12-31	$27.29M	$17.15M
2020-12-31	$29.26M	$10.31M
2019-12-31	$30.80M	$8.06M
2018-12-31	$34.17M	$6.34M
2017-12-31	$27.16M	$6.10M
2016-12-31	$7.26M	$4.30M

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-10-22	Sep 2026	$1.34
2026-07-23	Jun 2026	$1.24
2026-04-23	Mar 2026	$1.03
2026-01-29	Dec 2025	$0.84
2025-10-30	Sep 2025	$1.07
2025-07-31	Jun 2025	$0.95
2025-04-24	Mar 2025	$0.88
2025-01-30	Dec 2024	$0.63

Filings and sources

Company website: appfolio.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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